Last Updated on November 1, 2023 by BFSLTeam BFSLTeam
Table of Content
Introduction
Petronet LNG was created, in 1998, as a joint venture with a 50% ownership of four leading Oil & Gas public sector enterprises in India – ONGC, IOCL, GAIL (India), and Bharat BPCL. In the last 25 years, the company has grown considerably and reportedly meets 40% of India’s LNG demands. Notable achievements include the establishment of India’s first LNG receiving and regasification terminal in Dahej, Gujarat. Additionally, it operates a terminal in Kochi, Kerala.
On 30th Oct, 2023, Petronet LNG Ltd. declared its results for the financial quarter (Q2) and half (H1) ending 30 September, 2023. Here are the key excerpts of the company’s financial and operational performance for your awareness. The company’s subsidiaries and joint ventures include:
- Petronet Energy Ltd.
- Petronet LNG Singapore Pte Ltd.
- Adani Petronet (Dahej) Port Ltd. (APPL)
- India LNG Transport Co (No. 4) Pvt Ltd (ILT4)
Additional Read: Q2 Results Dashboard
Performance Highlights – Standalone
- Total Income: ₹ 24,492 Cr (H1) and ₹ 12,689 Cr (Q2)
- Profit Before Tax (PBT): ₹ 2,164 Cr (H1) and ₹ 1,102 Cr (Q2)
- Profit After Tax (PAT): ₹ 1,608 Cr (H1) and ₹ 818 Cr (Q2)
- Earnings Per Share (EPS): ₹ 10.72 (H1) and ₹ 5.45 (Q2)
Although Petronet LNG Ltd. saw a drop in total income on a quarterly and half-yearly basis at a YoY level, it posted a profit before tax of ₹ 2,164 Cr for H1 FY 23-24. This is the highest H1 PBT in the company’s history. It was 12% higher than the PBT reported in H1 FY 22-23. The PAT too was slightly above expectations. It stood at ₹ 1,608 Cr – 11% growth from the H1 FY 22-23 PAT. Similar growth was observed in the quarterly results as well. With a PBT of ₹ 1,102 Cr and a PAT of ₹ 818 Cr, the Q2 FY 23-24 numbers showed a YoY growth of 11% and 10% and a QoQ growth of 4% respectively. The earnings per share (EPS) jumped from 9.63 in H1 last year to 10.72 this year (11% growth). At a quarterly YoY level, the EPS gained 10% and stood at ₹ 5.45 for the quarter ending Sep 30, 2023.
Talking about Petronet LNG’s consolidated results, the total income for Q2 was ₹ 12,686 Cr and for H1 it was ₹ 24,487 Cr. The H1 PBT stood at ₹ 2,231 Cr while it was ₹ 1,140 Cr for Q2. The PAT was the quarter ending 30 Sep, 2023 was ₹ 855.74 Cr, ₹ 70 Cr higher YoY. For H1, the PAT was reported to be ₹ 1,675 Cr, ₹ 164 Cr more than H1 FY 22-23.
The company’s encouraging performance in the recent period has led its board of directors to declare an interim dividend of ₹ 7 per share with its record date yet to be announced.
Also Read: Petronet LNG Share Price
Operational Highlights Of Petronet LNG
- Overall LNG processed by Petronet LNG Ltd. – 453 TBTU (trillion british thermal unit) in and 223 TBTU in H1 and Q2 FY 23-24 respectively
- LNG processed by the company’s Dahej terminal – 427 TBTU in H1 and 210 TBTU in Q2
- Capacity Utilisation – above 90%
Operationally, too, Petronet LNG Ltd. had a better Q2 and H1 FY 23-24 performance as compared to the same periods last year. It processed a total of 453 TBTU in H1 as compared to 400 TBTU in the first half of the last financial year. At a quarterly level, the total processed LNG quantity grew from 192 TBTU to 223 TBTU YoY.
Its Dahej terminal processed 427 TBTU in the current H1. In comparison, it had processed 378 TBTU in H1 last year. The current Q2 processed LNG stood at 210 TBTU. The figure for the corresponding previous quarter was 182 TBTU. However, this was slightly less than the quantity processed in Q1 FY 23-24 – 217 TBTU.
The company introduced several quality, performance, and efficiency optimisation initiatives that resulted in a consistent capacity utilisation of 90% and above in the ongoing financial year. This was under 80% for FY 22-23.
Standalone H1 and Q2 YoY Performance Comparison
| Q2 FY24 | Q2 FY23 | H1 FY24 | H1 FY23 | |
| Total Income | ₹ 12,689 Cr | ₹ 16,080 Cr | ₹ 24,492 Cr | ₹ 30,486 Cr |
| Total Expenses | ₹ 11,587 Cr | ₹ 15,086 Cr | ₹ 22,327 Cr | ₹ 28,555 Cr |
| Profit Before Tax | ₹ 1,102 Cr | ₹ 994 Cr | ₹ 2,164 Cr | ₹ 1,931 Cr |
| Net Profit | ₹ 818 Cr | ₹ 744 Cr | ₹ 1,608 Cr | ₹ 1,445 Cr |
| Total Comprehensive Income | ₹ 814 Cr | ₹ 743 Cr | ₹ 1,604 Cr | ₹ 1,444 Cr |
Although the company boasted robust figures for both Q2 and H1, it did not reflect in its stock performance. The stock price opened at ₹ 220.50 and slipped to a low of ₹ 198.25. It finally closed at ₹ 201.25 which was almost 9% lower than its previous close of ₹ 220.50.
Source:
https://petronetlng.in/PDF/accs_30102023.pdf
https://petronetlng.in/NewsContent.php?newsid=484
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